Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Ruidoso Investment Property Opportunity Title is generated by Realmo AI

    138 Paradise Canyon Drive, Ruidoso, NM 88345

    View on Map
    Claim this Listing
    For Sale
    $305,000

    COMMERCIAL - Ruidoso, NM

    Lot size:
    0.95 Acres
    Added:
    Apr 20, 2026
    Days on Market:
    25
    Last Refresh:
    May 14 at 7:06 pm

    Property Features for 138 Paradise Canyon Drive

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    4-073-065-258-280
    Lot size
    0.95 Acres

    Taxes and HOA fees

    Tax Description
    Block 14, Lot 2, 3 of Palmer Gateway

    Utilities

    Utilities
    Natural Gas Available
    Sewer type
    Public Sewer
    Water source
    Public

    Building Details

    Floors in Building
    2
    Number of units
    3
    Flooring type
    Carpet, Concrete, Tile - Ceramic
    Building materials
    Frame
    Roof type
    Metal

    We can help!

    Listing Contact
    Eugene A Heathman

    Listing agent Eugene A Heathman License #1925

    Listing office RE/MAX Classic Realty 2805 Doral Ct., Las Cruces, NM

    Listing date Apr 20, 2026

    MLS# 2601261

    Copyright © 2026 Las Cruces Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • C1 commercial zoning offers a rare opportunity for residential rental and/or commercial use.
    • Triplex with potential for 4 units: finish as a triplex or convert to a 4‑unit residential rental.
    • Remodeling started, with one studio casita near completion.
    • Separately metered units for current electric and gas.
    • Ample parking space available.
    • Not flood damaged (per seller).

    Overview

    This property presents an excellent investment opportunity in Ruidoso, New Mexico. The property is zoned commercial (C1), one of the few such properties on Paradise Canyon, near the Rio Ruidoso. The existing structure is a triplex with the potential for a four-unit residential rental or commercial space. Remodeling construction has commenced on the three units. One unit is a studio casita nearing completion. Another unit is a two-level structure with separate upstairs and downstairs units, each featuring one bedroom and bath. An additional unit requires remodeling, and there is also a multi-use storage building on the premises. The current units have separate electric meters and gas meters. A single water-sewer meter serves the property. Ample parking is available. The lot size is 0.95 acres. According to the seller, the property has not sustained flood damage.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Auto Repair Shop Hair Salon Gym & Fitness Center Pharmacy Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ruidoso
    County
    Lincoln
    State
    New Mexico
    Longitude
    -105.650013
    Latitude
    33.325949

    Nearby Similar for Sale

    • $585,000
      2,687 SF

      Prime Commercial Opportunity on Sudderth

      Commercial building suitable for office, retail, or mixed-use development.
      1309 Sudderth Drive lot: Multiple, Ruidoso, NM 88345
      View Details
    • $990,000

      Ruidoso Redevelopment Investment Opportunity

      Iconic Ruidoso redevelopment opportunity near Highway 70.
      107 El Paso Road, Ruidoso, NM 88345
      View Details
    • $499,500
      2,400 SF

      Prime Retail Space on Mechem

      2400 sq ft commercial space in sought-after Ruidoso location.
      1207 Mechem Dr, Ruidoso, NM, 88345-7210
      View Details
    • $1,000,000

      Multifamily Property with 26 Units

      26-unit multifamily property available for sale.
      25912 US-70, Ruidoso, NM 88345
      View Details
    • $749,000
      8,862 SF

      Highway Frontage Commercial Building

      Commercial building with highway frontage and high traffic count.
      25982 US-70, Ruidoso, NM 88345
      View Details

    FAQs

    What type of property is this?
    Triplex - Triplex with commercial potential in Ruidoso, near Rio Ruidoso.
    Where is this triplex located?
    The property is located at 138 Paradise Canyon Drive Ruidoso, NM.
    What is the asking price?
    The asking price for this property is $305,000.
    What are key features of this property?
    This property features: C1 commercial zoning offers a rare opportunity for residential rental and/or commercial use.; Triplex with potential for 4 units: finish as a triplex or convert to a 4‑unit residential rental.; Remodeling started, with one studio casita near completion.
    (575) 937-9330
    We can help!
    Listing Contact
    Eugene A Heathman
    Real Estate License ID: 1925
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    138 Paradise Canyon Drive, Ruidoso, NM 88345
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!